Fifth Third Bancorp Sells 31,499 Shares of Manulife Financial Corp $MFC

Fifth Third Bancorp trimmed its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 27.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,137 shares of the financial services provider’s stock after selling 31,499 shares during the period. Fifth Third Bancorp’s holdings in Manulife Financial were worth $2,621,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Root Financial Partners LLC bought a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $25,000. Caldwell Trust Co purchased a new position in Manulife Financial in the 2nd quarter worth $27,000. Winnow Wealth LLC bought a new stake in Manulife Financial in the second quarter worth $38,000. Goodman Advisory Group LLC purchased a new stake in Manulife Financial during the second quarter valued at about $39,000. Finally, Mather Group LLC. bought a new position in shares of Manulife Financial during the third quarter valued at about $43,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Down 0.5%

Shares of MFC stock opened at $36.98 on Thursday. The firm has a market capitalization of $62.00 billion, a price-to-earnings ratio of 16.66 and a beta of 0.83. The stock has a fifty day moving average of $36.96 and a 200 day moving average of $33.86. Manulife Financial Corp has a 52 week low of $25.92 and a 52 week high of $38.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. The business had revenue of $11.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the firm earned $1.03 EPS. Equities research analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 5.2%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. The ex-dividend date is Wednesday, February 25th. Manulife Financial’s dividend payout ratio (DPR) is 56.31%.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, February 13th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, February 13th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Canadian Imperial Bank of Commerce upgraded shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday, January 8th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $51.50.

Manulife Financial Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.